Audi offers some of the best cash rebates.
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While auto loan rates remain high, the good news for beleaguered new-car buyers is that transaction prices are falling and incentives from automakers are the most attractive they’ve been since the pandemic battered the industry. Kelley Blue Book reports that incentives rose to about 7.0% of the average transaction price last month, the highest level in three years and about 60% higher than a year ago.
The average transaction price, at $48,401, has already fallen 0.2% over the past 12 months and has now declined (albeit slowly) for 10 consecutive months, according to KBB. It is down 3.1% so far since peaking at $49,929 in December 2022.
According to KBB, the most generous rebate programs are currently offered by Infiniti, Volkswagen, Audi and Nissan dealerships, while Stellantis brands (Chrysler, Dodge, Jeep and Ram) are below the industry average in terms of incentives.
Incentives for all-electric vehicles have been particularly generous recently, averaging 12% of the transaction price, according to KBB data — double what was offered at the same time last year. Audi’s top-priced 2024 model, unveiled this month, will get the biggest rebate of all, with up to $10,000 back in cash.
Here are the 25 largest cash rebates offered this month across multiple regions of the U.S., collected from automaker websites. Some models offer additional rebates for various groups, such as military personnel and recent college grads. Low- or 0.0-percent financing and discounted lease deals are also available (many electric vehicles offer lease discounts of up to $7,500 by taking advantage of loopholes in federal tax credit programs).
However, new car rebate programs often vary by region to accommodate local supply and demand issues, and additional benefits are often offered to recent college grads and military personnel, so check the automaker’s website and contact your local dealer to find out what’s being offered locally.
Biggest New Car Cash Rebates in August
2024 Audi A8/S8: Up to $10,000 2024 Audi e-tron GT: Up to $10,000 2024 Audi RS e-tron GT: Up to $10,000 2024 Audi A6: Up to $7,500 2024 Audi Q8/SQ8 e-tron/Sportback: Up to $7,500 2023 Ford F-150 Lightning: Up to $7,500 2024 Genesis GV60: Up to $7,500 2024 Hyundai Ioniq5: Up to $7,500 2024 Hyundai Ioniq6: Up to $7,500 2024 Kia EV6: Up to $7,500 2024 Kia EV9: Up to $7,500 2024 Kia Niro EV: Up to $6,500 2024 Lexus RZ: Up to $7,500 2025 Nissan Leaf: Up to $7,500 2024 Volvo C40 Recharge: Up to $7,500 2023 Ford E-Transit: Up to $7,500 2023 Ford F-150: Up to $7,000 2024 Jeep Grand Cherokee L: Up to $6,500 2024 Jeep Grand Cherokee: Up to $6,000 2024 Chevrolet Silverado 1500: Up to $5,750 2024 Audi S3: Up to $5,000 2024 Audi Q4 e-tron/Sportback: Up to $5,000 2024 Audi Q5/SQ5/SQ5 Sportback: Up to $5,000 2023 Ford Bronco: Up to $5,000 2024 Ram 1500 Classic: Up to $5,000